The key difference between litecoin and dogecoin
Our exchange aggregator allows you to switch LTC to Doge and vice versa at the best rate. If you have decided to convert LTC to Doge partially or for the whole it is highly recommended to learn the difference between these two currencies so as to make the right investments choice.
Litecoin is the fork of Bitcoin which was the initially designed to improve Bitcoin network capacity. Bitcoin allows to make only 7 transactions per second at the maximum, while Litecoin works 4 times faster.
Dogecoin was initially created as a joke as it is based on the popular internet meme Doge. The technology that stands behind Dogecoin is not very much different from Litecoin. However, you may have your own reasons to exchange Litecoin to Dogecoin or Doge to LTC due some market news in order to increase your profits.
What is Litecoin mining algorithm?
As the main purpose behind creating Litecoin was to improve the transaction speed on bitcoin, mining algorithm named Scrypt was invented. This algorithm is also based on the PoW (Proof-of-Work) principle, but it is faster and simpler which makes mining cryptocurrency possible on home PCs without any special equipment. Bitcoin can only be mined on special ASICs to maintain the sufficient level of profitability, while Litecoin can be mined both on end-user machines and on the special hardware.
What is Dogecoin mining algorithm?
Behind Dogecoin, there lies the same mining algorithm that is used for Litecoin just with a few minor changes. The new block is created once in a minute, the mining difficulty changes every 240 blocks and the transactions are approved in 2.5 minutes on the average.
However, all these differences are important only for miners. If you have decided to exchange LTC for Doge you can do to it with ease.
The circulating supply of Litecoin equals to 62,411,976, while its maximum supply equals to 84,000,000.
For Dogecoin, the circulating supply equals to 120,108,071,174, while its maximum supply equals to emission infinite.
If you want to buy LTC with Doge, the market capitalization is a very important index that you should pay attention to.
For Litecoin, the current market capitalization equals to $7,364,741,610.00. Dogecoin’s capitalization equals to $379,679,781.00.
Volume of transactions
During the last 24 hours, Litecoin’s volume of transaction equals to $5,600,152,454.92. For Dogecoin, this index equals to $61,282,812.26.
Average transaction speed
Initially, Bitcoin was not designed to handle many transactions and it only allows to make 7 transactions per second. The more people try to make a transaction on bitcoin at the same time, the higher are the fees and the longer you have to wait for your money to come to your wallet. The network is not congested you can expect your money to arrive within 5-30 minutes to your wallet.
Dogecoin has very much in common with Litecoin which is faster than Bitcoin by design. F you change LTC to Doge, the average time to process a transaction equals to 2.5 minutes.